The best guess is that this pair is still constructing subwave 4 of higher degree wave started from 9/22/08 high 1.4864.
** going to 1.2800/50, then falling again, most likely below 1.2330, to complete subwave 4b;
** the target of subwave 4c is uncertain, depending on type of flat correction pattern, running, regular, or expanded flat.
It's not good, your trade was against trend in short term.
During current rally started from 1.2384,
in the case, price exceeds 1.2927 or even 1.3117 before falling down again, structure formation from 1.3296, one of likehoods, could be the indication on the attached chart.